With low oil prices hurting Saudi Arabia's ability to pay off its welfare obligations, Fitch Ratings downgraded Saudi Arabia’s credit rating again on Wednesday, bringing it perilously close to “speculative,” from “investment grade.”
A self-imposed economic trap has sprung on OPEC-leading Saudi Arabia, making it apparent that American technology has for all practical purposes ended the OPEC cartel.
OPEC's epic failure to force oil prices higher will end its production cut agreement, and signal the end of the cartel itself.
With crude oil prices dropping despite OPEC's best efforts to raise prices, the day may already be here when oil sheiks can no longer control the price of oil.
The Saudis announced in early 2016 that they would take their state-owned Saudi Aramco oil company public in 2017 or, at the latest, 2018. Now the offering is being delayed into 2019 or perhaps even further into the future.
OPEC’s report on how its members are complying with the production-cut agreement hammered out last fall came out on Monday. As expected, it reported widespread cheating among its members.
Trump's executive actions on oil pipelines serve as a "high alert" to his people that getting these pipeline projects approved is a top priority.
The Obama administration fired a top scientist, intimidated other staff, censored important information from Congress for political reasons, and waged “a reckless and calculated attack on the legislative process itself,” U.S. lawmakers concluded in a blistering new report about Obama's scandal-plagued Department of Energy. All of it was done in order to advance Obama's controversial “climate-change” agenda, according to congressional investigators. It is time for some serious changes in management at the U.S. Department of Energy, members of Congress declared. But even that is not nearly enough to remedy the damage unleashed by Obama via the unconstitutional bureaucracy.
With so many moving parts, it's no wonder the U.S. Energy Information Administration can't forecast the future of oil and gas.